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BofA upgrades Silicon Motion to Buy, cites three catalysts

BofA analyst Simon Woo upgraded Silicon Motion (SIMO) to Buy from Hold with a price target of $90, up from $55, citing three catalysts. Namely, the firm points to gradually increasing enterprise solution sales; resilient topline growth with high gross margins; and the potential for $160M-plus in deal break-up fees to be paid by MaxLinear (MXL) if Silicon Motion wins its Singapore arbitration case in late-Q4. Similar to memory chipmakers, Silicon Motion could also benefit from strongly growing sovereign AI investments by selling Enterprise solid-state drive controllers/boot-drivers, known as the MonTitan series, the analyst added. Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See today's best-performing stocks on TipRanks >> Read More on SIMO: Disclaimer & DisclosureReport an Issue Silicon Motion upgraded to Buy from Neutral at BofA Silicon Motion price target raised to $90 from $70 at Roth Capital Silicon Motion price target raised to $90 from $75 at B. Riley Silicon Motion price target raised to $75 from $70 at B. Riley Simon Woo Maintains Neutral Rating on Silicon Motion Amid Mixed Financial Performance and Demand Risks